Fenway Sports Group (FSG), the multi-sport investment group, has agreed to sell a controlling interest in the Pittsburgh Penguins, from North American ice hockey's top-tier NHL, to a family-owned, Chicago-based investment firm.
A definite agreement between FSG and Hoffmann Family of Companies was unveiled late last Friday (December 19), with this deal marking Hoffmann's first entry into major league sports franchise ownership – subject to the usual regulatory approvals.
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However, the group does already own the Florida Everblades, from the minor league ECHL ice hockey competition. It has done so since 2019. In total, the investment group owns over 125 global brands.
FSG has owned the Penguins – most recently valued as worth $1.7 billion by Forbes – since late 2021, when it bought control of the franchise from previous owner Ron Burkle, with that deal worth around $900 million.
It will carry on as a minority stakeholder "for a period of time," and will still support "key business areas," such as sponsorship activity and regional sports network management, during a transition period.
The current leadership hierarchy of the Penguins will also remain unchanged.
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By GlobalDataGeoff Hoffmann, the company's chief executive (CEO), has said: "We’ve long admired the Pittsburgh Penguins – not just for their championship legacy and history, but for the culture, passion, and loyalty that define the organization."
Sam Kennedy, CEO at FSG, added: "From our earliest conversations, [the Hoffmanns] love of the sport and their commitment to doing things the right way made it clear they would be thoughtful stewards of the franchise, which is why we chose to seriously consider their interest,” FSG CEO Sam Kennedy said in a statement. “We plan to work closely with them to ensure a smooth transition and to carry forward the momentum that’s been built.”
FSG had been reported as looking for a minority investor in the Penguins in January this year.
The Penguins currently sit eighth in the nine-team Metropolitan Division of the NHL's Eastern Conference, having won 15 of their 35 games so far in the 2025-26 campaign.
FSG was advised financially during this process by Allen & Co and CAA Evolution, while Allen Overy Shearman Sterling acted as the investment group's legal advisor.
Boston-based FSG also owns English Premier League soccer side Liverpool, as well as Major League Baseball's Boston Red Sox.
